United Auctions is pleased to announce a management buy out of the company.
A management consortium, comprising George Purves, John Roberts, Christopher Sharp and Donald Young, backed by fellow directors David Brown, Donald Morrison and Matt Stevenson, has agreed terms to acquire the entire issued share capital of Scotland’s leading livestock auctioneers for an undisclosed sum.
This is a big step in the evolution and continued planned progression of the company and we are deeply proud to be sharing the responsibility of taking the business forward for the next generation.George Purves, Managing director, United Auctions
The deal includes all auction markets within the group, including the property holding at Stirling Agricultural Centre.
The seven strong team assuming operational responsibility for the business was announced in August 2016 as part of the group’s succession planning programme.
George Purves, managing director of United Auctions, said: “This is a big step in the evolution and continued planned progression of the company and we are deeply proud to be sharing the responsibility of taking the business forward for the next generation.”
Former owners Robin Tough, Neil McLean and David Leggat, who stood down from the management team in December 2016, will each continue to have non-executive, advisory roles with the company.
Outgoing executive chairman David Leggat said: “We feel that this is the right time for us to take a step back and allow the next generation to take the business forward. We have the utmost faith and belied that the next team will continue to build upon the foundations and success the business has had to date.”